International Paper Reduces Q3 Earnings Outlook Due to Shortfall in Land Sales
Press release from the issuing company
MEMPHIS, Tenn., Oct. 9 -- International Paper today announced that third-quarter earnings will be less than analysts' consensus estimates due to lower land sales than previously estimated in the quarter. The company continues to expect that third-quarter earnings will exceed second-quarter earnings of $0.52 per share.
While the company previously estimated that third-quarter land sales earnings would be approximately $110 million to $140 million, it now expects third-quarter land sales earnings of approximately $100 million and full-year 2007 land sales earnings in the range of $450 million to $500 million.
Separately, the company announced that fourth-quarter earnings from its recently completed 50:50 joint venture with Ilim Group will be included in International Paper's first-quarter 2008 financial statements; thereafter, the company will continue to report the joint venture results on a one-quarter lag.
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